According to the report, a low ranking in the human capital index – which measures the mobilization of the economic potential of citizens – has implications for the region’s capability to embrace the Fourth Industrial Revolution (4IR). Africa’s economic growth remained stable in 2019 at 3.4 percent and is on course to pick up to 3.9 percent in 2020 and 4.1 percent in 2021, the African Development Bank’s 2020 African Economic Outlook (AEO) revealed Thursday. Prior to the outbreak of the COVID-19 pandemic, West Africa region was poised to expand by 4.0 percent in 2020.The magnitude of socioeconomic impact of the COVID-19 pandemic on countries in West Africa may not be known with certainty as the situation remains fluid. West Africa Social and Economic Development African Economic Outlook 2020 Published: 15 February 2020. As a result of the pandemic, growth in the West Africa region, which was poised to expand by 4.0 percent in 2020, following growth of 3.6 percent in 2019, is now projected to contract by -2.0 percent in 2020, and could fall by as much as -4.3 percent in a worst-case scenario. These include accelerating improvements in digital infrastructure to meet the increasing demand for digital services; creating incentives for private sector investment in skills development; and scaling up public expenditure in education to enhance skills of the region’s labor market. In launching the report, Ofori-Atta, noted that “the economic impacts of the pandemic imply the need for economies of the region to begin considering post-COVID-19 strategies with focus on building resilience in strategic sectors and accelerating regional integration. Media Contact: Vision 2020. Source: African Development Bank Group (AfDB) | Jul 12, 2020 African Development Bank Regional Economic Outlook 2020: In West Africa, harnessing the youth workforce could speed economic recovery in the post-COVID-19 era. However, the labor force participation rate for the working population has consistently declined since the beginning of the millennium from 64.2 percent in 2000 to 58.5 percent in 2019. The Outlook shows that public expenditures on education and infrastructure are highly complementary, as investing in both has a much greater payoff than investing exclusively in just one. You May “UNKISS” the Bride: Divorce on the Internet? No comments.
ABUJA, Nigeria, July 14, 2020/APO Group/ --, ABUJA, Nigeria, July 14, 2020/APO Group/ --, COVID-19 crisis is pushing us to refocus priorities, says Bank Vice President Quaynor in Global Infrastructure Forum event on infrastructure project preparation, CORRECTION: African Development Bank wins global award for COVID-19 bond issue, Tanzania: Zanzibar's urban residents have improved access to water and sanitation with African Development Bank support, says report, African Development Bank wins global award for COVID-19 bond issue. “As we enter a new decade, the African Development Bank looks to our people. Categories: Blog. On mapafrica.afdb.org, you can explore our 7000 project locations through the High 5s. Africa’s economic growth remained stable in 2019 at 3.4 percent and is on course to pick up to 3.9 percent in 2020 and 4.1 percent in 2021, the African Development Bank’s 2020 African Economic Outlook (AEO) revealed Thursday. African Economic Outlook June 2020. Although West African countries have made improvements in school enrolment over the last two decades, retention rates remain low with outcomes in science, technology, engineering and mathematics especially poor. African Development Bank This year’s report highlights developments in the region with particular emphasis on “Skills Development and Education for the Workforce of the Future,” and also investigates the impact of the COVID-19 pandemic on the region. The Fourth Industrial Revolution will place increasing demands on educational systems that are producing graduates versed in these skills,” the report noted. The report was officially launched by Ghana’s Minister of Finance Ken Ofori-Atta, in presence of other ministers of finance from the region, including Nigeria’s Federal Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed.
Although many countries experienced strong growth indicators, relatively few posted significant declines in extreme poverty and inequality, which remain higher than in other regions of the world.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
In launching the report, Ofori-Atta, noted that “the economic impacts of the pandemic imply the need for economies of the region to begin considering post-COVID-19 strategies with focus on building resilience in strategic sectors and accelerating regional integration. A Sovereign National Conference to Avoid A Constitutional Crisis, LFA to Construct Mini Grassroots Pitches in Grand Cape Mount, Grand…, Return to Play Protocols: Sports and Health Authorities to Reach Final…, Monrovia Cycling Club Joins Campaign to End Rape, Liberia: Coach Butler’s Contract Extended, Kemayah’s Accuser Calls for Lie Detector Test, Woman, Late 40s Allegedly Commits Suicide, Liberia’s Uhai Hair Product Shortlisted for BrownGirlSwap Grant, Album Review of Liberia Most-Versatile and Consistent Celebrity, Jackie Russ, All Set for Miss Earth Liberia 2020 Finals, Cassava Stakeholders Make SOS Call to Help Secure US$15M Contract, GoL Appropriates US$1.5M Towards Coronavirus. West Africa’s burgeoning youth population offers a strategic workforce which can be harnessed for employment and economic growth, despite a COVID-19 pandemic that is devastating the continent and global economies, the African Development Bank (www.AfDB.org) said in its regional economic outlook report. Sur mapafrica.afdb.org, explorez les 7 000 localisations de nos projets à travers nos High 5. . “West Africa is endowed with a burgeoning youth population that can strategically be harnessed for employment and economic growth. This moderate acceleration is “Importantly, enhancing healthcare preparedness and building early surveillance and preventive mechanisms is crucial in saving lives. Countries that depend on oil and tourism for foreign exchange and fiscal revenues will especially face reduced fiscal space and heightened external account imbalances, stoking a build-up of public debt. Africa’s economic growth remained stable in 2019 at 3.4 percent and is on course to pick up to 3.9 percent in 2020 and 4.1 percent in 2021, the African Development Bank’s 2020 African Economic Outlook (AEO) revealed Thursday. Marie-Laure Akin-Olugbade, Director General, Regional Development and Business Delivery Office for West Africa said the region’s young population offered an opportunity to help speed up economic recovery. African Development Bank As simple as that. Nigeria is working with partners like the African Development Bank on economic measures to minimize the adverse effects of COVID-19,” Minister Shamsuna added. Marie-Laure Akin-Olugbade, Director General, Regional Development and Business Delivery Office for West Africa said the region’s young population offered an opportunity to help speed up economic recovery. In West Africa, harnessing the youth workforce could speed economic recovery in the post-COVID-19 era. . The African Economic Outlook provides compelling up-to-date evidence and analytics to inform and support African decision makers. “Africa needs to build skills in information and communication technology and in science, technology, engineering, and mathematics. Growth’s fundamentals are also improving, with a gradual shift from private consumption toward investment and exports. . The report points to policies needed to improve skills to empower the West African labour force. Countries that depend on oil and tourism for foreign exchange and fiscal revenues will especially face reduced fiscal space and heightened external account imbalances, stoking a build-up of public debt. Let’s hear their voices, let’s feel their aspirations.”.
As a result of the pandemic, growth in the West Africa region, which was poised to expand by 4.0 percent in 2020, following growth of 3.6 percent in 2019, is now projected to contract by -2.0 percent in 2020, and could fall by as much as -4.3 percent in a worst-case scenario. Nigeria is working with partners like the African Development Bank on economic measures to minimize the adverse effects of COVID-19,” Minister Shamsuna added. “Youth unemployment must be given top priority. “Importantly, enhancing healthcare preparedness and building early surveillance and preventive mechanisms is crucial in saving lives. Overall, the forecast described the continent’s growth fundamentals as improved, driven by a gradual shift toward investments and net exports, and away from private consumption. Because we trust you to share our vision. Nous œuvrons à la transformation de l'Afrique ! With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa … Vision 2020.
However, the labor force participation rate for the working population has consistently declined since the beginning of the millennium from 64.2 percent in 2000 to 58.5 percent in 2019. a.mpoke-bigg@afdb.org, Fatimah Alkali Top 20 Largest Economies In Africa. a.alkali@afdb.og. a.mpoke-bigg@afdb.org, Fatimah Alkali Kenya: Central Bank keeps rates stable in September. Amba Mpoke-Bigg The special theme this year is delivering education and skills for Africa’s workforce of the future. Ebrima Faal, the Bank’s Senior Director in the Nigeria Country Department said, “Partnering with global technology companies can also create avenues for research and development to boost skills development for the future.”. The slower than expected growth is partly due to the moderate expansion of the continent’s “big five” — Algeria, Egypt, Morocco, Nigeria, and South Africa – whose joint growth was an average rate of 3.1 percent, compared with the average of 4.0 percent for the rest of the continent. Click here (https://bit.ly/38LOFMW) to read the full report.
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